A Tender Fund is a special type of investment fund that pools money from many investors to buy "private" assets that aren't traded on regular stock exchanges. Think of it as a way to invest in things like private companies, direct loans to businesses, or big infrastructure projects.

This is a key difference! Unlike a stock you can sell daily, with a Tender Fund, the fund itself will offer to buy back a portion of your shares once a quarter. This is called a "tender offer." It's important to know these offers are not guaranteed; the fund decides if and when to make them.

The main difference is liquidity. Mutual funds offer daily flexibility – you can sell your shares almost any business day. Tender Funds, however, have very limited liquidity; you can only sell back your shares if the fund chooses to make a tender offer during a specific window. This allows Tender Funds to invest in assets that are harder to sell quickly.

This is a subtle but crucial distinction. Both invest in unique, harder-to-sell assets and offer periodic chances to get your money back. The key is the "guarantee": An Interval Fund is required to offer to buy back a set percentage of its shares at regular, set times. A Tender Fund does not have this guarantee; the managers or board may choose to make an offer, making it generally less predictable and less liquid.

Investing in a Tender Fund with Treeview Capital is designed to be straightforward. The first step is to Become a Client by signing up and completing any necessary account verifications. Once your account is set up, you will link your existing Charles Schwab brokerage account to easily fund your investments. After exploring our curated fund selection, you can then request an investment directly through your Treeview Capital account. We will guide you through the simple steps to confirm your purchase.

This is an important difference from traditional stock market investments. Unlike stocks you can sell any day, getting your money back from a Tender Fund happens differently:

‍Fund-Initiated Offers: The fund itself may periodically (e.g., quarterly) make an offer to buy back a portion of its outstanding shares from investors.

‍Responding to an Offer: If an offer is made, you would submit a request to Treeview Capital to sell your shares within the specified timeframe.

The trade-off for less liquidity can be significant benefits:

‍Access to Unique Opportunities: Get into investments not available on the stock market.

‍Potential for Higher Returns: These investments can sometimes offer higher returns than public options.

‍Diversification: They can help spread out your investment risk, as they often behave differently than stocks or bonds.

If more repurchase requests are submitted than the 5% minimum, the fund will fulfill these requests on a pro-rata basis. This means that each investor's repurchase request will be partially fulfilled based on the total amount of repurchase requests received. For example, if the fund receives repurchase requests totaling 10% of its outstanding shares, each investor will have their request fulfilled at 50% of the amount they requested. This ensures that all investors have an equal opportunity to redeem their shares, but it also means that investors may not be able to redeem the full amount they desire during a given repurchase period.